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Friday, October 11, 2019

Treasury and Foreign Affairs Ministers outline APEC 2019 agenda on finance

“This is a very important milestone. It is an excellent opportunity to show our commitment to multilateralism and international integration, particularly given the finance-related themes that Chile is promoting in APEC,” said Minister Felipe Larraín.

Treasury Minister Felipe Larraín, Foreign Affairs Minister Teodoro Ribera, Treasury Undersecretary Francisco Moreno and APEC Chile 2019 SOM Chair Matthias Franke today gave details of the activities related to the financial part of the APEC 2019 agenda. The activities began on Wednesday, October 9 and will run through Tuesday, October 15.

“This is a very important milestone,” Minister Larraín remarked. “It is an excellent opportunity to show our commitment to multilateralism and international integration, particularly given the finance-related themes that Chile is promoting in APEC,” he added. Minister Larraín highlighted the following topics:

  • Boosting integration in financial markets through the digital economy
  • Promoting financial inclusion in the digital age
  • Strengthening financial management of risks posed by natural disasters

The Treasury Minister added that the government is optimistic about this year’s APEC agenda, which is one of the most ambitious of recent years, and about how it will contribute to achieving sustainable and inclusive growth.

Foreign Affairs Minister Teodoro Ribera noted that the Finance Ministers’ Meeting will be one of the final ministerial meetings of APEC Chile 2019 and that a great deal of work went into this important initiative.

“Thousands of people have worked on these meetings, and thousands have come from abroad to attend them. We are reaffirming the value of open international trade subject to rules. At a time of international uncertainty, Chile is focusing on opening new markets and diversifying its products,” observed the Foreign Affairs Minister.

He noted that APEC represents 21 economies and that 51% of investments made in Chile come from APEC.

Busy Schedule

The finance-related activities began last Wednesday with the seminar “Credit Reporting Systems”, which was attended by over 50 APEC economy delegates as well as commissioners and representatives of the Financial Market Commission, Central Bank and BancoEstado executives, and Chilean academics and entrepreneurs.

The events will continue this afternoon and tomorrow at the Sheraton Hotel with the “Seminar on Environmental, Social and Governance Factors in Financial Markets.”

The activity is being organized by the Treasury Ministry with the Financial Market Commission and will be attended by over 150 people from the domestic and international financial sectors.

On Sunday, October 13 there will be two technical work sessions, the Treasury Minister Delegates’ Meeting and the Treasury Ministry Representatives’ Meeting, which will bring to a close the discussions developed over the course of this year under the presidency of Chile. The negotiations about the Joint Ministerial Statement will also be concluded.

The Delegates’ Meeting will be led by Treasury Undersecretary Francisco Moreno.

The Treasury Minister explained that the schedule on Monday, October 14 will begin with the seminar “Enhancing Financial Risk Management Against Disasters,” which Chile is organizing with the support of its co-host, the World Bank. “We have made a special effort to promote this topic and it is one of the priorities that Chile set as the 2019 host economy,” Minister Felipe Larraín noted.

He added that this is a very important issue that Chile has been working on for many years in both APEC and the Pacific Alliance given that the country is highly vulnerable to natural disasters. “I want to mention the pioneering Catastrophe Bond that we very successfully introduced in the markets in the context of the Pacific Alliance,” the minister said.

The Finance Ministers’ Group activities officially begin on Monday at noon with a luncheon and closed meeting that will be limited to the ministers of the 21 economies.

The events for that day will culminate in an official dinner for APEC Finance Ministers and participating delegates.

The APEC Finance Ministers’ Meeting will continue on Tuesday, October 15 at the Sheraton Hotel, chaired by Minister Larraín in his capacity as Treasury Minister of Chile and host.